i'm going through a rough time finacially, i'm going trough the process of going bankrupt.i got an attorney for bankruptcy,but have not finished paying the fees to start the paperwork.now with that in mind, last year i got a truck at a dealer, my monthly payments are @750 per month and that payment is too much for a titan nissan, i did not think it through in the begining. i think this is part of me going bankrupt.so my question is can i break my contract, or get finance with something of a lower value,even though i'm in the process of bankrupt.
2006-10-12 12:57:16 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
A contract can't be broken unless both sides agree. Your best bet would be to take the car back to the dealer, tell them your situation, and see what it would take for you to give the car back and finance a less expensive car. If they agree, you will still take a hit financially, but you might save you from another ding on your credit.
Don't let the fact that you're going bankrupt let you do something stupid. You bought the car and you don't want to screw over the dealership. It's going to be hard enough to build up your credit again.
2006-10-12 21:09:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need the courts permission to do anything related to debts while the bankruptcy is in progress. You should talk to your attorney about this. If you have not yet stated bankruptcy proceedings, you may be able to negotiate directly with the lender. If the truck is worth less than you still owe (and it probably is) you will still owe the difference if you return it.
2006-10-12 20:29:44 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Your car most likely will be re-posessed if you do that. Taken away, that is. Now who will take it away depends on the deal. If you have a bank loan for it the bank will take it. If it is directly through the dealership then probably it will be them. Dig out your papers and read the fine print what happens in the event of non-payments.
2006-10-12 20:07:15 · answer #3 · answered by Snowflake 7 · 0⤊ 0⤋
I had the same situation several years ago. I had to give up the car as part of the bankruptcy. You may want to look into getting the truck refinanced.
2006-10-12 20:12:23 · answer #4 · answered by billypsf 2 · 0⤊ 0⤋